Autumn 2015

We consider the news stories that implied that it would be 'easy' to get out of paying an automatic £100 minimum penalty for the late filing of a self assessment tax return. HMRC have announced some changes to how they will use their right to send out fixed penalty notices in a fair and proportionate way but self assessment tax returns still need to be submitted on time.

We consider the 'Early Conciliation' process which aims to help settle an employee's dispute with an employer without going to an Employment Tribunal.

The Summer 2015 Budget announced fundamental changes to the way in which dividends are taxed. We look at the new rules and whether individuals who extract profits from their company as dividends may need to consider whether to increase dividend payments before the new rules take effect.

We also look at the new flat-rate State Pension scheme and what it will mean for those approaching retirement. Our article also considers how individuals who have already built up a National Insurance record are affected by the transitional provisions.

The Annual Investment Allowance provides an immediate deduction to many businesses for the cost of most plant and machinery purchased up to an annual limit. The government has now announced that the AIA will be set 'permanently' at £200,000 from 1 January 2016. Our article looks at the transitional rules.

Smaller owner managed companies often seek to minimise the tax position of the individual shareholder/directors. In many instances where such companies involve members of the same family income is diverted from the higher rate taxpayer to utilise basic rate bands and personal allowances of other family members which may otherwise be wasted. Anti-avoidance rules need to be considered as to whether a diversion is effective particularly for spouse scenarios.

The Principal Private Residence relief provides an important relief from the capital gains tax charge on the gains made by owner-occupiers on the sale of their private homes. We look at the changes which have been made to the availability of the relief and when an election is necessary.

Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven't covered. Your views are always important to us and we would welcome your feedback.

Annual Investment Allowance set at £200,000
Looking forward to the new flat-rate State Pension?
Maximising tax relief for two homes
Self assessment tax returns still need to be submitted on time
Should I continue trading through a limited company?
Spreading income around the family
The merits of Early Conciliation
The tax benefits of thinking inside 'The Box'

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